The concept of accounting FASB Accounting Standards Codification (FASB ASC

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You should refer to the FASB Accounting Standards Codification (FASB ASC), specifically, when answering some of the questions below.

The concept of the accounting entity often is considered to be the most fundamental of accounting concepts, one that pervades all of accounting.  For each of the following, indicate whether the entity concept is applicable, discuss, and give illustrations to support your contention:

  1. A unit created by or under law
  2. The product-line segment of an enterprise
  3. A combination of legal units
  4. All the activities of an owner or a group of owners
  5. The economy of the United States

Writing Assignment Requirements:

  •       Write a paper of 2-3 pages double-spaced in length, not counting the title and the reference page(s) and any Exhibit(s) or Appendices.  Submissions in excess of 3 pages are acceptable.
  •       Use terms, evidence, and concepts from the Module interactive lecture and readings, including professional business language.
  •       Cite at least 3 credible, academic or professional sources for this assignment.  is a great place to find resources plus the FASB Codification.